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Loan Against Property for salaried NRIs
Axis Bank offers easy and hassle-free Loans Against Property for loan amounts starting from ₹5 lakhs. Avail loan against residential or commercial property that you can offer as collateral at attractive rates of interest.
Features & Benefits
Get a loan on different kinds of property
Avail loan against your commercial property, residential property.
Avail attractive interest rates
Get interest rates starting as low as 11.0%.
Transfer your existing loan
Carry over your existing loan to Axis Bank .
Bank comfortably with doorstep service
Apply for and handle your loan from the comfort of your home or office with service at your doorstep.
Avail extra benefits
Get Lease Rental Discounting.
Terms & Conditions
Repayment:
Maximum repayment period is 15 years
Security:
Equitable mortgage of the property to be financed, by way of deposit of title deeds
Insurance:
You can avail yourself of property and personal accident insurance coverage as per the guidelines and arrangements with the insurer/underwriter. This is optional.
Processing fee:
A processing fee equivalent to 1% of the loan amount sanctioned (taxes as applicable) inclusive of a non-refundable login fee of ₹5,000 (taxes as applicable).
Penalty for early closure:
Pre-payment charges - If any applicant is non-individual, 3% will be charged if the amount exceeds 25% of the principal outstanding during a quarter. Otherwise, no penalty will be charged in the case of all loans. In case of take-over/transfer of your loan from Axis Bank by/to any other bank/housing finance company/financial institution, a prepayment penalty of 3% on the principal outstanding will be recovered.
Other conditions:
Axis Bank reserves the right to reject any application without assigning reasons thereof.
You must inform the bank as and when there is a change in address or employment.
The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time, solely at Axis Bank's discretion.
Loan Against Property for salaried NRI - Fees & Charges
Avail Loan Against Property from Axis Bank when you require funds to meet crucial expenses such as education, marriage and healthcare. The fees and charges levied by us for Loans Against Property are completely transparent and upfront. Read in detail about the fees and charges for Loans Against Property mentioned below:
Other Charges
| Scheme | Asset Power (Loan Against Property) | Lease Rental Discounting |
|---|---|---|
| Loan Processing Charges | 1% or ₹ 10,000 (whichever is higher)
Upfront processing fee of ₹ 5000 plus GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrawal of the loan application etc., non disbursement of loan for the reasons solely attributable to the customer. Balance processing fee as applicable shall be collected at the time of loan disbursement. | 1% or ₹ 10,000 (whichever is higher)
Upfront processing fee of ₹ 5000 plus GST shall be collected at the time of application login. This fee will not be refunded under any circumstances such as loan rejection/withdrawal of the loan application etc., non disbursement of loan for the reasons solely attributable to the customer. Balance processing fee as applicable shall be collected at the time of loan disbursement. |
| Pre- Prepayment/Foreclosure Charges | If any of the borrower is a non individual - 3% will be charged, if the amount pre-paid exceeds 25% of the principal outstanding during a quarter, otherwise no prepayment penalty. The quarter refers to calendar quarter. However no prepayment will be allowed in the first quarter after taking the loan. If all borrowers are individuals - Nil | If any of the borrower is a non individual - 3% will be charged, if the amount pre-paid exceeds 25% of the principal outstanding during a quarter, otherwise no prepayment penalty. The quarter refers to calendar quarter. However no prepayment will be allowed in the first quarter after taking the loan. If all borrowers are individuals - Nil |
| No Due Certificate | NA | NA |
| Duplicate No Dues Certificate/NOC | ₹ 500/- per instance | ₹ 500/- per instance |
| Solvency Certificate | NA | NA |
| Penal Interest | Penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s | Penal interest @24% per annum i.e. @ 2% per month on the overdue installment/s |
| Stamp Duty & other statutory charges | As per applicable laws of the state | As per applicable laws of the state |
| Cheque Bounce Charges | ₹ 500 per instance | ₹ 500 per instance |
| Cheque swapping charges | ₹ 500 per instance | ₹ 500 per instance |
| Duplicate statement issuance charges | ₹ 250 per instance | ₹ 250 per instance |
| Issuance Charges for Photocopy of Title Deeds | ₹ 250 per document set | ₹ 250 per document set |
| Credit Report Issuance Charges | ₹ 50 | ₹ 50 |
| Switching Fees (Higher Floating Rate to Lower Floating Rate) | 0.5% on outstanding principal with minimum of ₹ 10,000. The lower rate will be equal to the applicable carded interest rate only | |
*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)
Loan Against Property for salaried NRIs - Application form
Axis Bank offers a Loan Against Property on your property (commercial or residential) with comfortable loan tenures and a simple and hassle-free online application process. Download the application form below to avail of a Loan Against Property.
Loan Against Property
Offer your commercial or residential property as collateral
Important Links
Access key resources and services effortlessly through below links:
Loan Against Property for salaried NRIs- Frequently asked questions
You can apply for a Loan Against Property (LAP) in any of the following ways:
Online by clicking here.
In person at any Axis Bank loan centre. To find a nearby centre, click here.
By calling any of our numbers,click here.
Axis Bank will convey its decision within 5 working days from the date of receipt of the application, provided the application is complete in all respects. The computation of 5 days shall start from the day on which you provide all documents required for a proper appraisal of the application to the bank.
A Loan Against Property (LAP) offers several advantages over a top-up loan, including: Higher loan amount: Typically, LAP may offer a higher loan amount than a top-up loan. Avail of a different property: A LAP can be availed against a different residential or commercial property than the one for which the loan was originally taken. In contrast, a top-up loan may only be taken against the existing property in question. This flexibility allows you to avail yourself of a higher loan amount and spread your liability. Longer tenure: LAP can be availed for a longer term than a top-up loan. For more features of an Axis Bank Loan Against Property, click here.
For a complete list of Axis Bank loan centres and hours of service, click here.
Axis Bank Loan Against Property can be availed for a self-occupied residence or a commercial property.
Axis Bank provides a Loan Against Property ranging from ₹5 lakhs to ₹500 lakhs. Some of the factors considered when determining the loan amount include:
The property’s registration.
The property’s market value.
Your requirement and eligibility.
Your income and repayment capacity.
Lease rental discounting (LRD) is a Term Loan against rental receipts derived from leased commercial property. The loan is provided to the lesser based on the lower discounted value of the future rentals and the underlying property value.
Axis Bank provides Loan Against Property (LAP) for salaried NRI customers.
Along with your application, you need to submit the following documents :
Proof of residence.
Proof of identity.
Certified/latest financial documents.
Copies of property documents.
To check the related documents acceptable for each of these requirements, click here
You may get the list of documents in either of the following ways:
By calling any of our numbers click here
By visiting us at www.axisbank.com/support
By submitting your query here
Banks charge a non-refundable processing fee for every LAP application. The processing charge for an Axis Bank Loan Against Property is up to 1% of the loan amount plus GST as applicable.
To check the schedule of charges associated with transactions, click here
The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when the interest rate changes or a part-payment of the loan is made.
Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.
The EMI will be due on a fixed date each month. You will be notified of this date when your loan amount is disbursed.
You may place a request for a 'Statement of Account' or repayment schedule or Interest Certificate in either of the following ways:
www.axisbank.com/support
You can download the Axis Bank Mobile Application or log onto Internet banking to get access to all account details pertaining to the loan. SMS MBANK to 5676782 to download the Axis Mobile App
By calling our Call Center at any of these numbers click here
After the first quarter from the loan disbursal date, you can make a part-prepayment towards your Loan Against Property at your nearest Axis Bank loan centre.
For charges applicable on part-prepayment, click here
You may repay your Axis Bank Loan Against Property using any of the following methods:
- Standing instruction (SI): Use it if you have an existing savings, salary, or current account with Axis Bank. Alternatively, you may open Savings Account with Axis Bank to avail of this option. Your EMI amount will be debited automatically at the end of the monthly cycle from your specified Axis Bank account.
- National automated clearing house (NACH): You can use this option if you have a non-Axis Bank account. Your EMIs will be debited automatically at the end of the monthly cycle from this account.
You may update your mobile number and e-mail address in any of the following ways:
By visiting us at www.axisbank.com/support
You can update your email ID by using Axis Bank Mobile Application. SMS MBANK to 5676782 to download the Axis Mobile App
By calling our Call Center at any of these numbers click here
Before processing a foreclosure, all outstanding dues must be cleared. Please check and clear any remaining amount payable towards your loan by requesting a foreclosure statement from your nearest Axis Bank loan centre.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
To check the charge applicable for the foreclosure, please click here
Once your loan account is closed, you may collect your property documents after 16 days from your nearest Axis Bank loan centre.
MCLR stands for marginal cost of funds-based lending rate. Banks cannot provide loans to customers availing loans linked to MCLR below the benchmark rate. This benchmark rate applies to new loans sanctioned and credit limits renewed from 1st April 2016, onwards.
Currently, the Bank has published the following MCLR:
- Overnight MCLR
- One-month MCLR
- Three-month MCLR
- Six month MCLR
- One year MCLR
- Two year MCLR
- Three year MCLR
The benchmark MCLR for Axis Home/ LAP loans is 6 months. The reset period would be every 6 months.
The MCLR will be a tenor linked rate which has to be reviewed and published every month on a pre-announced date
For the existing AXIS Bank MCLR rate please click here
Yes, MCLR can vary between different banks as it depends on factors such as the marginal cost of funds, negative carry on account of CRR, operating costs, and tenor premium of the respective banks.
Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR. The MCLR prevailing on the day the loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark in the interim. The exact periodicity of reset will form part of the terms of the loan contract.
For example, if the periodicity of reset is Six Months, then Home loan/ LAP loans disbursed in the month of April 2016, would be due for reset in the month of Oct 2016 similarly all such loans disbursed in the month of May 2016 would be due for reset in the Nov 2016 and so on.
The reset period and date will be decided on the date of first disbursement.
In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
It may be mentioned that the spread/margin of the loan would continue to remain the same.
Illustration: Consider a scenario where first disbursement of the loan is done on April 15, 2016 under MCLR-6 month’s benchmark rate, with the 6 months MCLR being 9.20% p.a. with a spread/margin of 20 basis points (bps). In such a case the effective rate would be 9.40% p.a.
In the above scenario, the effective rate of 9.40% p.a. would remain constant till the next reset date i.e Oct 2016.
On Oct 2016, the loans would be reset with the applicable 6 months MCLR rate as on that date.
It may be mentioned that the spread/margin of the loan would continue to remain the same. e.g. If the 6 months MCLR is 9.10% p.a. as on OCT 2016, then revised rate applicable for the loan would be 9.10% + 0.20% = 9.30% p.a. w.e.f. Oct 2016.
All existing loans linked to the base rate will continue until repayment. However, all existing borrowers have the option to shift to an MCLR-linked loan on mutually acceptable terms.
Therefore, in the case of a partly disbursed loan, the base rate will continue to apply for subsequent disbursements unless the borrower opts to move to an MCLR-linked loan under mutually agreed terms.
(BR= Base rate, MRR= Mortgage reference rate, BPLR = Bank prime lending rate)
For all new loans sanctioned from April 1, 2016, the Bank has discontinued offering loans linked with Base rate/MRR/BPLR. However, the existing loans will continue on the respective BR/MRRR/BPLR till its repayment, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms.
All existing customers have the option to switch from the current system of base rate/MRR/BPLR (BR/BPLR/MRR +/- spread) to the new system of 6 months MCLR (MCLR + spread) without any change in the effective rate of interest. No switch fees will be charged for this option. The conversion will take effect immediately in the system.
Illustration:
If an existing customer with a loan amount of ₹25,00,000 is at a 9.55% p.a. effective ROI (Base + 0.20% spread), and opts to switch to the 6-month MCLR, the adjustable loan interest rate will become (6-month MCLR (9.20%) + spread (0.35%)) equivalent to 9.55% p.a.
Thus, the effective rate will remain the same at 9.55% p.a., with the spread adjusted accordingly.
For changing from existing bench mark rate of BR/MRR/BPLR to MCLR-Six Months based benchmark rate, the customer will be required to visit the nearest loan Center, execute an agreement for conversion into MCLR Six month’s benchmark rate.
Frequently Asked Questions
You can apply for a Loan Against Property (LAP) in any of the following ways:
Online by clicking here.
In person at any Axis Bank loan centre. To find a nearby centre, click here.
By calling any of our numbers, click here.
Axis Bank will convey its decision within 5 working days from the date of receipt of the application, provided the application is complete in all respects. The computation of 5 days shall start from the day on which you provide all documents required for a proper appraisal of the application to the bank.
A Loan Against Property (LAP) offers several advantages over a top-up loan, including: Higher loan amount: Typically, LAP may offer a higher loan amount than a top-up loan.
Avail of a different property: A LAP can be availed against a different residential or commercial property than the one for which the loan was originally taken. In contrast, a top-up loan may only be taken against the existing property in question. This flexibility allows you to avail yourself of a higher loan amount and spread your liability.
Longer tenure: LAP can be availed for a longer term than a top-up loan.
For more features of an Axis Bank Loan Against Property, click here.
For a complete list of Axis Bank loan centres and hours of service, click here..
Axis Bank Loan Against Property can be availed for a self-occupied residence or a commercial property.
Lease rental discounting (LRD) is a Term Loan against rental receipts derived from leased commercial property. The loan is provided to the lesser based on the lower discounted value of the future rentals and the underlying property value.
Axis Bank provides a Loan Against Property ranging from ₹5 lakhs to ₹500 lakhs. Some of the factors considered when determining the loan amount include:
• The property’s registration.
• The property’s market value.
• Your requirement and eligibility.
• Your income and repayment capacity.
Lease rental discounting (LRD) is a Term Loan against rental receipts derived from leased commercial property. The loan is provided to the lesser based on the lower discounted value of the future rentals and the underlying property value.
Axis Bank provides Loan Against Property (LAP) for salaried NRI customers.
Along with your application, you need to submit the following documents:
• Proof of residence.
• Proof of identity.
• Certified/latest financial documents.
• Copies of property documents.
To check the related documents acceptable for each of these requirements, click here.
You may get the list of documents in either of the following ways:
• By calling any of our numbers
click here
• By visiting us at
www.axisbank.com/support
• By submitting your query
here.
What documents do I need to submit along with my application for an Axis Bank Loan Against Property?
Whom should I contact for the list of documents I have submitted in support of a Loan Against Property from Axis Bank?
What is the minimum and maximum amount of Loan Against Property that I can get?
I am an NRI. Can I get a Loan Against Property?
Banks charge a non-refundable processing fee for every LAP application. The processing charge for an Axis Bank Loan Against Property is up to 1% of the loan amount plus GST as applicable.
To check the schedule of charges associated with transactions, click here.
After the first quarter from the loan disbursal date, you can make a part-prepayment towards your Loan Against Property at your nearest Axis Bank loan centre. For charges applicable on part-prepayment, click here.
The EMI consists of the principal amount and the interest on the principal amount. It is calculated by taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum. The EMI may be subject to change when the interest rate changes or a part-payment of the loan is made.
Every month, part of the EMI is adjusted towards the interest payable and the balance is adjusted towards repayment of the principal.
The EMI will be due on a fixed date each month. You will be notified of this date when your loan amount is disbursed.
You may place a request for a 'Statement of Account' or repayment schedule or Interest Certificate in either of the following ways: www.axisbank.com/support
You can download the Axis Bank Mobile Application or log onto Internet banking to get access to all account details pertaining to the loan. SMS MBANK to 5676782 to download the Axis Mobile App
By calling our Call Center at any of these numbers click here.
You may repay your Axis Bank Loan Against Property using any of the following methods:
• Standing instruction (SI): Use it if you have an existing savings, salary, or current account with Axis Bank. Alternatively, you may open a Savings Account with Axis Bank to avail of this option. Your EMI amount will be debited automatically at the end of the monthly cycle from your specified Axis Bank account.
• National automated clearing house (NACH): You can use this option if you have a non-Axis Bank account. Your EMIs will be debited automatically at the end of the monthly cycle from this account.
You may update your mobile number and e-mail address in any of the following ways:
By visiting us at www.axisbank.com/support
You can update your email ID by using Axis Bank Mobile Application. SMS MBANK to 5676782 to download the Axis Mobile App
By calling our Call Center at any of these numbers click here.
Before processing a foreclosure, all outstanding dues must be cleared. Please check and clear any remaining amount payable towards your loan by requesting a foreclosure statement from your nearest Axis Bank loan centre.
Once all outstanding dues have been cleared, please submit a foreclosure request at the Loan Center, and we will begin processing your request.
To check the charge applicable for the foreclosure, please click here.
Once your loan account is closed, you may collect your property documents after 16 days from your nearest Axis Bank loan centre.
MCLR stands for marginal cost of funds-based lending rate. Banks cannot provide loans to customers availing loans linked to MCLR below the benchmark rate.
This benchmark rate applies to new loans sanctioned and credit limits renewed from 1st April 2016, onwards.
Currently, the Bank has published the following MCLR:
• Overnight MCLR
• One-month MCLR
• Three-month MCLR
• Six-month MCLR
• One-year MCLR
• Two-year MCLR
• Three-year MCLR
The benchmark MCLR for Axis Home/ LAP loans is 6 months. The reset period would be every 6 months.
The MCLR will be a tenor linked rate which has to be reviewed and published every month on a pre-announced date.
For the existing AXIS Bank MCLR rate please click here.
Yes, MCLR can vary between different banks as it depends on factors such as the marginal cost of funds, negative carry on account of CRR, operating costs, and tenor premium of the respective banks.
Banks can specify dates of interest reset which will be linked to either the date of first disbursement or date of review of MCLR. The MCLR prevailing on the day the loan is disbursed will be applicable till the next reset date, irrespective of the changes in the benchmark in the interim. The exact periodicity of reset will form part of the terms of the loan contract.
For example, if the periodicity of reset is Six Months, then Home loan/LAP loans disbursed in the month of April 2016 would be due for reset in the month of Oct 2016; similarly, all such loans disbursed in the month of May 2016 would be due for reset in Nov 2016, and so on.
The reset period and date will be decided on the date of first disbursement.
In case of increase in MCLR on the reset date, the ROI will increase which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
In case of decrease in MCLR on the reset date, the ROI will decrease which in turn will impact the EMI/tenor of the loan as per Bank’s policy and will be communicated to the customer.
It may be mentioned that the spread/margin of the loan would continue to remain the same.
Illustration: Consider a scenario where first disbursement of the loan is done on April 15, 2016 under MCLR-6 month’s benchmark rate, with the 6 months MCLR being 9.20% p.a. with a spread/margin of 20 basis points (bps). In such a case the effective rate would be 9.40% p.a.
In the above scenario, the effective rate of 9.40% p.a. would remain constant till the next reset date i.e Oct 2016.
On Oct 2016, the loans would be reset with the applicable 6 months MCLR rate as on that date.
It may be mentioned that the spread/margin of the loan would continue to remain the same. e.g. If the 6 months MCLR is 9.10% p.a. as on OCT 2016, then revised rate applicable for the loan would be 9.10% + 0.20% = 9.30% p.a. w.e.f. Oct 2016.
All existing loans linked to the base rate will continue until repayment. However, all existing borrowers have the option to shift to an MCLR-linked loan on mutually acceptable terms.
Therefore, in the case of a partly disbursed loan, the base rate will continue to apply for subsequent disbursements unless the borrower opts to move to an MCLR-linked loan under mutually agreed terms.
(BR= Base rate, MRR= Mortgage reference rate, BPLR = Bank prime lending rate) For all new loans sanctioned from April 1, 2016, the Bank has discontinued offering loans linked with Base rate/MRR/BPLR. However, the existing loans will continue on the respective BR/MRRR/BPLR till its repayment, provided the borrower does not exercise the option to move to the MCLR linked loan at mutually acceptable terms.
All existing customers have the option to switch from the current system of base rate/MRR/BPLR (BR/BPLR/MRR +/- spread) to the new system of 6 months MCLR (MCLR + spread) without any change in the effective rate of interest. No switch fees will be charged for this option. The conversion will take effect immediately in the system. Illustration:
If an existing customer with a loan amount of ₹25,00,000 is at a 9.55% p.a. effective ROI (Base + 0.20% spread), and opts to switch to the 6-month MCLR, the adjustable loan interest rate will become (6-month MCLR (9.20%) + spread (0.35%)) equivalent to 9.55% p.a.
Thus, the effective rate will remain the same at 9.55% p.a., with the spread adjusted accordingly.
For changing from existing bench mark rate of BR/MRR/BPLR to MCLR-Six Months based benchmark rate, the customer will be required to visit the nearest loan Center, execute an agreement for conversion into MCLR Six month’s benchmark rate.
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